Anheuser-Busch announced a steep drop in profits amid the ongoing boycott against Bud Light this week, but the company insists U.S. consumers still have a generally favorable view of the beer brand.
The company announced that its U.S. revenue dropped 10.5% in the 2nd quarter of 2023, while its earnings prior to taxes, interest and depreciation fell 28.2%, according to the Wall Street Journal.
Anheuser-Busch accompanied the grim numbers with a survey of some 170,000 consumers across the U.S., saying it found a majority remain favorable toward the Bud Light brand, while 80% are favorable or neutral.
The 2nd quarter covered April through the end of June and offers the first look at the damage caused by the Bud Light boycott, which began in April.
HEINEKEN CEO SAYS BRANDS MUST 'BE BALANCED,' 'STAND UP FOR YOUR VALUES'
Other beers, including Coors Light and Miller Lite, have rapidly consumed Bud Light's market presence since the brand enlisted transgender activist Dylan Mulvaney for a marketing campaign, sparking criticism and the boycott push.
BUD LIGHT LAYS OFF HUNDREDS OF WORKERS AFTER DYLAN MULVANEY CONTROVERSY, LOSING TOP SPOT TO MODELO
On Tuesday, Molson Coors reported an 11.8% surge in net sales over the second quarter and a 5% jump in financial volumes, with U.S. increases reflecting a shift in consumer purchasing behavior.
CORONA LIGHT, COORS LIGHT GAIN TRACTION OVER BUD LIGHT
"We are seeing share and market improvement everywhere, and more consumers are reaching for our beers than our competitors’ beers," Molson Coors CEO Gavin Hattersley said in an earnings call Tuesday.
"Coors Light and Miller Lite are now 50% bigger than Bud Light by total industry dollars," he continued. "Last year, Bud Light was bigger than both. Retailers are making space for our brands as demand increases."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Meanwhile, Bud Light has sought to recoup its top spot by leaning into football, country music and other quintessential American favorites in its new advertising.
Fox News' Joe Toppe contributed to this report.
